Should the federal minimum wage be raised from $7.25 to $9.00/hour?
Definition of 'Minimum Wage'
The minimum amount of compensation an employee must receive for performing labor. Minimum wages are typically established by contract or legislation by the government. As such, it is illegal to pay an employee less than the minimum wage.
Investopedia Says
The current federal minimum wage is $7.25 per hour, which translates to $15,080 for a full-time, year round worker.
Investopedia explains 'Minimum Wage'
The minimum wage attempts to protect employees from exploitation, allowing them to the basic necessities of life. The minimum wage rate fluctuates between countries, and sometimes between states or provinces.
Minimum wages have drawn strong criticism from many economists, since it establishes a floor on wages. Price floors can lead to a dead weight loss in the economy, which means that inefficiencies exist. In this case, the minimum wage might force companies to hire fewer employees, thus increasing unemployment.
Debate Topics
Should the federal minimum wage be raised from $7.25 to $9.00/hour?
Definition of 'Minimum Wage'
The minimum amount of compensation an employee must receive for performing labor. Minimum wages are typically established by contract or legislation by the government. As such, it is illegal to pay an employee less than the minimum wage.The current federal minimum wage is $7.25 per hour, which translates to $15,080 for a full-time, year round worker.
Investopedia explains 'Minimum Wage'
The minimum wage attempts to protect employees from exploitation, allowing them toMinimum wages have drawn strong criticism from many economists, since it establishes a
Read more: http://www.investopedia.com/terms/m/minimum_wage.asp#ixzz2LT54Lkqr
http://raisetheminimumwage.org/